XPeng Officially Begins Production of MONA M03 Electric Vehicle
Beijing (Gasgoo)- XPeng Inc., a leading Chinese electric vehicle manufacturer, has announced the official start of production of the XPENG MONA M03 on July 30, 2024. This marks a significant milestone for the company as the vehicle is now ready for sales and delivery to customers.
Following the acquisition of DiDi Global Inc.’s smart auto development business, XPeng has successfully achieved the Start of Production (SOP) milestone. Payments for this acquisition were structured based on reaching specific milestones.
MONA M03; photo credit: XPENG
The XPENG MONA M03 is set to be officially launched on August 27, 2024. Showrooms nationwide have already started receiving the first batch of display vehicles since August 1. The completion of SOP was officially recognized on August 13, 2024.
As part of the share purchase agreement, XPeng has issued 4,636,447 Class A ordinary shares to DiDi in exchange for achieving the SOP milestone, representing approximately 0.24% of the company’s expanded share capital.
This achievement marks a significant advancement in XPeng’s smart vehicle development initiatives. The company had previously announced plans to issue Class A ordinary shares representing 3.25% of the post-transaction equity to acquire DiDi’s smart vehicle development assets and establish a strategic partnership to develop the MONA series vehicles targeting the compact car market.
XPeng’s Chairman and CEO, He Xiaopeng, has expressed expectations for the new MONA brand, developed in collaboration with DiDi, to achieve an annual sales target of 100,000 units.
